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Duties Your Asset Management Company Must Perform

The duty of your asset management company is undoubtedly to make a proper management of your business' reserves - better known as assets - but there are several other things that the asset management company must look into. Let us look into the duties that an asset management company is supposed to perform:

- The first and primary duty is to keep and maintain a record of all the physical assets of the client's company. The most obvious assets to look into are the property and the finance of the company, but they must also look into investments, stocks, insurance policies, and anything else that constitutes money.

- Asset management companies will also look into the bookkeeping affairs of the company. They will maintain the records for accounts, and will provide updated records in regular timeframes. They are sometimes expected to perform additional tasks that the company requires during taxation, such as filing of returns.

- Inventory maintenance is also a responsibility of your asset management company. They have to keep all records of the inventory in stock, and even suggest limits for stocking up on them. They can alert the company whenever the raw materials are running low. Apart from the raw materials, asset management companies should also take care of the inventories of all supplies, devices and equipment used by the company for their business.

- Asset management companies must maintain a list of all the suppliers to the company. In most cases, it is their duty to themselves communicate with the suppliers and stock up on raw materials for the company. Sometimes, they will also undertake to communicate with the wholesalers who take the products from the company for selling. That means, asset management companies would undertake a company's entire buying and selling process, if they are contracted for the service at the outset.

- One very important service the asset management company must provide is investment advice. They must carefully instruct their clients how to make their investments properly, so that their financial assets show an improvement.

- In some cases, asset management companies can also look after the software and other knowledge-based assets of the company. In companies that deal with software, the job of the asset management company would be to manage the knowledge assets, which may not be in a physical form. They will also be expected to manage the IT resources the company operates with.

In this manner, there are several duties your asset management company must perform. Of course, you can decide in advance what kind of duties you really require, so that you don't end up paying for more. Also, you must draw proper contracts so that the mutually decided clauses are adhered to.

Author Resource:- With so many choices for managing your assets it is hard to know what company is the best. You need to find a company that is reliable and proven and invests your money in a way you are comfortable with.
Let us Help!

Kip D Goldhammer owns and operates http://www.assetmanagementcompanyreviews.com Certified Financial Planner

Article From New Ezine Articles

Inventory Asset Management Software - Can It Save Time and Maximizes Profits

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Managing inventories is one of the most complicated tasks that an organization has to deal with if they have an global exposure. It is truly important to know how inventory are being managed before appreciating the true value of an inventory asset management software.

How do we know we need this software?

Each company need to examine how their staff track the inventory when access to the software was not given. Once this is determined, the management might decided to implement an inventory asset management system within the company.

Can expenses be eliminated with the use of this software?

More than 10 years, most companies employed staff to manage the company inventory. They might hired one person to examine all of the items ordered by the employees. He or she will then determined whether each order was approved. With the introduction of this system, it eliminates the expense of hiring such an employee.

When routine orders are recognized by the software, the company only require one or two person to take a look at the requirements for new projects. If the orders for a new project were found satisfactory, then those newly-ordered items could be added to the information on the inventory asset management software.

Can time be saved using this inventory asset management software?

Some one decade ago, most companies relied on using paper to get their items ordered to be delivered to the right people. One or more staff would be required to receive, examine the invoice that came with each order. Then, the person in the receiving department would use a lot of their time taking the items to the right people.

#1 This software eliminates the need for a long examination of paperwork.

#2 The software can identify where each incoming item must go to.

#3 It provides a way for keeping track of produce generated within the company walls.

The ability for the software to keep track of product generation has often been the problem in research labs. However, in the absence of the software, the staff could not find a way to illustrate the extent of their production efforts.

Lots of time are wasted in trying to retrieving the stored items in their warehouse. Therefore, the usage of an inventory asset management software saves company employees much valuable time.

In conclusion, the software frees staff from the time-consuming task of finding a way to store items that had remained "under the radar" of the old system for keeping track of company inventory and allows them to attend to other pressing tasks.

By doing that, most companies would definitely improve their efficiency and productivity thus leading to increasing profits for shareholders.

This way, I am sure your company profits to soar to greater heights. With that in mind, Eddy believe he can help bosses to better manage their assets.

Author Resource:- Eddy Kong WW is the webmaster of a website called, Using Inventory Asset Management Software To Save Time. This shared resource will be able to help companies manage their assets better so as to improve their profitability and productivity. Drop by at his site now for more information on asset management.

Article From New Ezine Articles

Choosing The Right Asset Tracking Solution

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Many companies literally have assets accounting to thousands within the firm that requires tracking; this is because if a business does not correctly track their assets, this results to substantial financial losses.

Whereas traditional inventory provide you with information particularly on the number of assets your company has, generally it does not address those essential information attached to that particular asset, like location, maintenance, cost and utilization.

An implementation of an appropriate asset tracking solution within your firm allows you to efficiently track assets so that an employee for instance will know to locate a specific asset should it requires a maintenance confirmation, how old it is, determine its value depreciation as well as its maintenance cost.

An asset tracking solution can be hand-held based or PC and used to manage and track a companys assets. These assets can either be non-fixed or fixed and identified with a label that contains a distinctive bar code or number.

Asset barcode labels are efficient particularly when performing an audit. Benefits of asset tracking solutions generally include:

Track asset by location, building, supplier, user etc. Determine what your business has as well as that client or employee has them.

Enable you to calculate asset depreciation easily.

Obtain comprehensive reports.

Determine asset costs.

Reduce expenses because you know what you have therefore you will not buy the same items.

Spend lesser time looking for needed equipment.

Reduces items unreturned or lost.

Reduces borrowing with no permission.

Operate with a much tighter budget but with much better service

Asset tracking solution packages today are available with convenient import tools that gets you started on a simple inventory system quickly.

Types of asset tracking solutions:

1. Software-based asset computer tracking. For a tracking to start, a software is set up into you the hard drive of your computer, then it dials unto a central monitoring station on a specific schedule by means of an IP connection or modem so that if your computer is accounted stolen or lost, it is identified in a protected database in order that next time this computer calls in, its whereabouts is efficiently tracked.

2. Software tracking

By means of monitoring license software and license contracts compliance, organizations can successfully manage their software investment at the same time avoiding penalties and fines associated with non-compliance.

3. Barcode Systems

Generally this incorporates barcode tags with readers like handheld scanners, barcode wands and PDAs. These systems efficiently combine maintenance and valuation scheduling, location-centric asset tracking and other essential functions.

4. GPS Solutions

This uses a two-way satellite technology, capable on locating asset trailers and vehicles.

5. Proximity tagging

This is linked to access system control that helps to discourage theft, however should a certain asset disappear, this system can quickly track its location.

Here are features to look for when selecting the right asset tracking solution:

1. Navigation

This section covers the interfaces layout and design, including ease of access to principal program functions, data entry and general operation, thereby providing you with a general idea of how a user could easily get the system up and running.

2. Management Features

This segment recognizes how many books can be supported, available depreciation methods, asset editing utility and many other capabilities including mass edits, splitting assets and dispositions.

Also, whether the system supports barcode scanning or not, is addressed.

3. Integration

This segment identifies the ability of the system to share information with GL programs, tax software and supplementary accounting systems.

4. Reporting

Look for a system with reporting functions, including report and customization writer features and support for a variety of IRS schedules and forms.

5. Help and support

Look for a system with built-in help utilities as well as gauges support options available such as regular updates.

Determine whether these are already incorporated with the system license or does it entail additional purchase.

Without asset tracking solution, assets maintenance costs can not be determined, therefore you have practically no reference how much your assets are costing to run your business as well as your maintenance staff has no efficient record of work previously carried out that could assist them to fix a concern inexpensively.

Source: Free Articles

Autor: infocus

Why Enterprise Asset Management is Vital for Any Company

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In any business organization, enterprise asset management is vital in achieving a greater return on assets. This primarily involves curbing operating costs, maximizing results on periodic asset maintenance, and effective management of capital. In any industry, the employees also need to recognize the importance of asset management, and have the knowledge on a variety of asset maximizing responsibilities.

Asset Management Elucidated

Essentially, asset management in any enterprise involves the effective administration of its physical assets, for the purpose of increasing profits and minimizing downtime expenses. The scope of this administrative function includes activities such as construction of facilities and fixtures, plant and office building design and engineering, production operations, and finally the maintenance of equipments and the replacement of the necessary parts.

As an example, physical assets would encompass machines like computers and printers as well as furniture like desks, chairs, and filing cabinets. Transport systems are also included, as well as cable and plant machineries, in the case of bigger industries. Of course fixed assets would differ depending on the type of industry the organization is engaged in, such as food production, textile, corporate services, or healthcare.

Thus, from the procurement of supplies and tools, operation of machines for production, to the maintenance of facilities, all these should be handled with asset value maximization in mind.

The modern approach to asset management by organizations and entrepreneurs has shifted from the traditional type, which had merely involved short term planning. Today, any organization is taking an active role in ensuring that its asset expenditures and utilities are geared towards achieving longer-term returns. Moreover, asset management is very crucial for enterprises that maintain units across various locations or those that utilize fixed assets in different departments within one unit.

Why this type of management is essential

Effective asset management commands importance in the same manner that physical assets play very important roles in the day-to-day operations of any industry. The purchase and the ownership of fixed assets, while very important in any business, require excellent management and maintenance skills. Entrepreneurs for instance, should have a system wherein the cost of owning equipment or expensive machinery is minimized at all times. Poor performance, downtimes, and repairs all add up to the cost of these fixed assets over time.

Machine repairs and equipment maintenance are indeed important for any industry; however these should be effectively carried out so as not to hamper the daily operations of the industry, such as the production processes. Furthermore, whenever equipment or system downtimes happen, this subsequently affects the expenses of the company. Planning and management of assets, costs, and maintenance should all be done to increase the life cycle of the assets and for the business to perform more effectively even in the face of rigid competition.

The Essential Tools in Assets Management

These days, EAM tools are available for complex organizations and industries. These tools provide the best solutions in work and asset management and even asset information management. These are all geared towards helping businesses maintain their plants, maximize equipment value, effectively manage information for sales, and coordinate with production and maintenance personnel for improved quality and competence.

Successful enterprise asset management is certainly a requirement for any industry, especially in today’s rapidly globalizing and extremely competitive business settings. Through this, industry managers, business owners, and company top-level executives will be able to optimize and organize the daily operations of the business for effective performance and profitability.

Asset Management in a Volatile Economy

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Volatile as the economy may be, asset management may still stand and survive to keep your company in top shape. Organizations and companies with proper asset management tend to go farther in terms of productivity and results. The good thing is that asset management is a holistic effort of the components, and is something that is really meant to be shared within the bound of the company. You don’t need to outsource asset managers to do it for you if you know how to go about it. Here are some strategies that will ensure that your asset management will withstand any economic storms.

Asset Management Strategy 1: Go for the solid assets

By solid assets, we mean assets that are not easily threatened by changes. If you have some stocks, which are highly volatile in nature, have some investments on established entities as well. This may oppose the “Nothing venture, nothing gained” adage but a certain measure of security is still vital for success.

Asset Management Strategy 2: Ensure support from the higher ups

The higher officers of your company must support your endeavor to managing assets of the company if it were to materialize fully. The support will also prompt other members in the company to be mindful of the undertaking.

Asset Management Strategy 3: Set your priorities

You must always have an outline. What are your priorities? If your priorities are to establish one’s security, you might have to be more rigid with your asset management tactics. On the other hand, if you are planning to venture out and expand your company, you may have to manage your assets in a way that it is more open for change and risk. However, you must make risks that are calculated and make sure that you can bounce back should things go badly.

Asset Management Strategy 4: Easy does it

Make changes gradual, if you are to introduce them. Don’t shock the system with revolutionary changes. In order for it to last longer, there needs to be at least a period of transition for any undertaking. The same thing goes with asset management.

Asset Management Strategy 5: Determine patterns and learn from them

If there have been instances that occur again, make sure that the current system is able to learn from its past mistakes. This self-learning quality is one of the ways in which you can ensure that the asset management system will be able to endure even the toughest economic shakings. It would be completely useless

Asset Management Strategy 6: Get the best tools available to you

If you are talented in managing assets but undermanned when it comes to resources, you may be in for a losing trend. The technology today enables you to manage everything from the desk and without much hassle. So make the best use of the technology while it is made available for you.

Asset Management Strategy 7: Review the facts regularly

Regular review is the lifeline of asset management. If your last inventory was a decade ago, then your assessment may not be at par with the demands in a company over time. Update the inventories, keep stock and review the statistics regularly. In that way, should hard times come, you will find that you have a ready answer because you know yourself fully well.

Software Asset Management

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Software asset management is one of the things you can do to ensure that you are at par with the influx of computers and technology in the corporate world. A few people are familiar with the concept of software management, but it is as important as other aspects of asset management in the organization or company.

Software is an Asset

One of the concepts that must be considered as a fact is that software is an asset. It is an asset in the sense that it can make a lot of favorable returns when you install it. At a fairly minimal cost, you will be able to get back what you invested in a particular software, especially if it is on a business setting. The thing about managing software assets is that you must first inherently believe that it is an asset to the company.

What are the software assets popular today?

Some of the more popular software assets today depend on the nature of your company operations. For example, if you are oriented on spatial data, you will find mapping software to be one of your greatest assets. Licenses for highly upgraded and updated software are quite expensive, so they need to be managed more carefully and in full detail. If you happen to be on a software business, the software inventory might be more than just a means of managing your software assets.

How do you manage your software asset?

Software assets may basically be managed by checking out license receipts and the like all over the company's operations. This way, duplication of purchases are prevented and you will already which software needs more updating than the others. A good record of the software bought will also ensure that you are able to keep track of your expenses when you are purchasing software. You might also consider getting a software that will actually help you manage not just your software assets but all the other physical assets in your company.

Constantly upgrading your software

Aside from taking inventory, part of software asset management is scheduling your upgrades. You must do it quite regularly so that you can be ensured that you get the best of all your software. Periodically inspect if the upgrades are working properly, and replace them immediately if they malfunction in one way or another. These little things may seem insignificant, but nothing beats the frustration of having wasted time because of menial things such as not having the right software when you need it the most.

Software Asset Management in the Organization

In the organization, a unified software asset management strategy is needed to be able to efficiently function with all the right updates needed by the company. If one component is updated and the others are falling behind, this still doesn't constitute effective software asset management. If you are really serious about getting it all right, all the other components within the organization must support your endeavors of making software asset management a habit.

Salient issues pertaining to Software asset management

Salient issues pertaining to software asset management involve miscommunication on the part of the software asset manager and the other end users of the software. Duplications due to loopholes in the updates of the software inventory may also cause a dent in the integrity of the software asset management system.

Asset Management Software: the Secret of Efficient Businesses

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Naturally, all businesses need to manage their physical and non-physical assets regardless of their size. Call centers, manufacturing firms, sales companies and other corporate offices need asset management. Everything needs to be watched from the point of choosing the assets, initiating and maintaining them, up to the point of finding no use for them and disposing the assets.

All these processes are important in determining the efficiency and organization that goes into running a company. Without making the right choices for asset management software, many disadvantages may be posed to the optimization of profits and to the business in general.

Using Software in Businesses

First of all, the assets we're talking about here is virtually anything the company owns from office supplies, company vehicles and machines to copyrights and patents. What this software does to these assets is that they keep a record of them for the company. After all, these such assets do depreciate over a certain period of time and need to be disposed of when their full potential has been marginalized.

The company doesn't need to hire people to keep track of maintenance and replacement schedules, resulting in too much people on the payroll and more expenses to slough off money on. With asset management software, you can be sure that your assets are in mint condition and are replaced efficiently when they need to be.

Once you have the software, the only manual thing you have to be doing is to run the asset management program and make sure that all assets are accounted for and all damages are reported to the respective people in charge. More importantly, in the event of emergencies that cause certain losses in assets, the company will have a detailed report of what they own and what they lost, all organized by the protocols of the software.

Specialized Software Available

There are three common kinds of asset management software being used in the business world today. Automated data collection software is used as a time log of all processes involving the assets. Inquisitive software is responsible for checking out IT systems, codes, hardware systems, software and other digital assets. Repository software has the more clerical type of job in that it archives and organizes data files for easy access, uploading and retrieval.

Making Choices through your Options on Asset Management Software

Before you begin browsing through the different kinds of software available for your company, the first thing you need to ask yourself is if the company needs it. Are certain processes being held up because of delays in maintenance and repairs? Do you find that there are discrepancies in the way certain assets of the company are being managed? If so, then you can try your hand at investing in this type of software.

There are some aspects that you may need to be looking into when you decide on it. How much does the software cost, and is it worth it or will you end up spending more than if you have people manually managing assets? What kinds of services do you need the software to be doing for your company?

How many people in the company will be running the asset management program? Is it available for international use or is it limited to local usage? With the answers to these questions, you will be able to find the asset management software that is perfect for optimizing the business processes in your company.